Consumers can take simple steps to ensure they don’t go overboard at the World Cup this year.
Nationwide said that football-mad Brits are likely to spend as much as £1,400 each on a trip to Germany for the finals this summer ñ most of which will be put on short term loans and credit cards.
The building society suggested several tips to avoid being stuck with a larger debt bill than originally intended. Visitors could compare credit cards before signing up to one which charges for use abroad, avoiding exorbitant fees for foreign currency transfers.
In addition, picking a credit card which pays off higher interest charges first ñ such as cash advances ñ will also save money in the long run.
Finally, all card holders should insist they pay in euros, despite being given the option to pay in sterling, as the former can leave consumers with extra charges.
“With all the excitement surrounding this year’s World Cup it is easy for people to give football priority over their finances,” said Nationwide’s executive director Stuart Bernau.
“However, travelling fans who act now can avoid paying the price later. Many of these extra charges are difficult for consumers to spot before using their debit or credit cards.”
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